The United Arab Emirates has been a global talent hub for decades, and the new golden visa makes working and living in the United Arab Emirates more straightforward.The U.A.E is one of the world’s most diverse countries, with 8 million foreign workers and over 200 nationalities. So it’s no wonder why so many people come to this prosperous nation.
Here are some reasons why people work, live, and invest in Dubai and Abu Dhabi:
● Workers pay zero income tax
● Dubai and Abu Dhabi have a bustling real estate industry
● The nation offers excellent salaries and career growth
● The U.A.E has a genuinely multi-cultural workforce
● The nation has a diverse industries and sectors as the economy grows
● Locals and migrants widely speak English around the country, making business and investment easier
These are just some reasons why people might consider coming to the uae on a golden visa. However, if you invest in the real estate market, the golden visa and its incredible benefits could be yours.
What Is The New Golden Visa?
So far, the U.A.E has awarded thousands of people a golden visa since 2019. These people include investors, entrepreneurs, high-performing academics, highly-skilled individuals, and people who’ve made an excellent contribution to the United Arab Emirates.
The Golden Visa allows foreign nationals to live, work, or study in the United Arab Emirates for up to ten years. After that, they can renew as long as they continue to meet the requirements. More often than not, the visa will automatically renew with ease. You also have the option of getting a five-year option.
In contrast, most ordinary expatriates have to renew their visas every two to three years. Of course, this provides added hassle and stress, which you want to avoid. Therefore, it’s an excellent option for many people currently working and living in the United Arab Emirates or looking to move from overseas.
The Golden Visa isn’t the same as Emirati Citizenship, but it’s an excellent alternative. If expatriates want to obtain Emirati Citizenship, the royal court or the government will have to nominate them.
Investing in real estate on a golden visa
Dubai is one of the world’s best places to invest in real estate. Investing in real estate gives you the opportunity of getting a golden visa. Here are the requirements:1. The real estate investor must invest in a property with a gross value of at least 5 million AED.2. The real estate investment can’t be on a loan basis 3. The visa applicant must retain the property for at least three years4. The applicant must be in the United Arab Emirates 5. You can apply using more than one property
If your real estate investment meets these criteria, this visa is an excellent option for you. Here are some benefits of investing in Dubai’s Realestate market:
● Dubai has zero annual property taxes – Dubai has zero property tax, including zero capital gains tax. As a result, the Dubai property market is an excellent place to invest without paying heavy taxes on successful investments.
● The U.A.E is a high-performing economy – Dubai has the highest-performing economy in the world. Therefore you’ll enjoy high returns on investment when you invest in real estate. The country also offers flexible payment plans, excellent interest rates, and a golden visa on top of your investment.
● Dubai is the hub of the Middle East – Dubai is the hub of the Middle East’s business world. As a result, the city is a gateway to global finance and influential business leaders. Dubai is also home to one-third of the world’s Fortune 500 companies.
What Do You Need To Qualify For The Golden Visa?
According to the official website, the government will grant the Golden Visa to people who meet the following criteria:
● Entrepreneurs
● Investors
● Specialized talents or researchers in the fields of knowledge or science
● Excellent students with highly promising academic potential
Furthermore, if people want to apply for the ten-year golden visa, they’ll need to meet the following requirements:
1. Invest at least 10 million AED into the United Arab Emirates economy
The investment requirements are as follows:
● Place a deposit of at least 10 million AED into investment funds inside the U.A.E
● Build a company in the U.A.E with capital worth 10 million AED or above
● Join a partnership within an existing or new company within the U.A.E that has a share value of at least 10 million AED
● Having a total investment above 10 million AED (no less). However, the investment must not be less than 60 percent of total investment if it’s not in the Realestate sector
However, the United Arab Emirates government has set out the following conditions:
● The visa applicant must not loan the amount invested
● The visa applicant must retain the investment for a minimum of three years
● The visa applicant must have financial solvency of up to 10 million AED
In addition, visa holders and applicants can extend the visa to include business partners, as long as each partner contributes a minimum of 10 million AED.
2. People who have a specialized talent that can contribute to the U.A.E economy
The U.A.E has an extensive list of specialized professionals that can apply for the Golden Visa. These include doctors, scientists, inventors, and creative individuals in the arts.
Nonetheless, the United Arab Emirates sets out the following conditions:
● The Emirates Science Council must accredit scientists before they can apply for the golden visa
● The Ministry of Culture and Youth must accredit creatives before they apply for the golden visa
● The Ministry of Economy must approve an inventors patent before they apply for the golden visa
● Executives must own or work for a leading or internationally recognized company
3. The requirements for a five-year visa
One option for people looking to stay in the U.A.E for the long term is a five-year golden visa. It’s an excellent option for people looking to invest in Realestate in the U.A.E. Entrepreneurs can get a five-year golden visa.
Still, they will need an existing project with a minimum of 500,000 AED in financial capital. In addition, outstanding students will need a GPA of at least 3.75 upon graduation or a minimum grade of 95 percent in public and private secondary school.
The advantages of having a golden visa
The golden visa is an excellent opportunity for many people looking to invest and move to the uae. Here are some of the most significant benefits:
● You can spend as much time in the country as possible – When you get a golden visa for five or ten years, you can spend as much time in the country without having to worry about visas. For example, on short-term visas, you’ll have to find new ways of extending your visa.
● You can apply for a U.A.E resident visa – Living in the United Arab Emirates on a golden visa enables you to get a driving license. So if you’d love to drive your own car without having to worry about licenses, the golden visa is an excellent choice for you.
● You have access to U.A.E banks and financial services – Many people do business in the U.A.E, but many people don’t have access to Dubai’s vast financial services and banking options. However, you’ll enjoy all those options while living in Dubai on a golden visa.
● You could sponsor your family – If you’re on a golden visa, you could sponsor your close family to live in the U.A.E. Furthermore, you can extend your sponsorship options to executive directors as well as immediate family once you’re successfully on the golden visa.
How long does the application take?
The golden visa application tends to take a maximum of 30 days. The government will notify you via email within that period of the outcome of your application. Then, you’ll receive another email where you’ll upload the required documents.
After you’ve uploaded your documents, the Federal Authority for Identity and Citizenship will assess your documents and verify your application. If successful, you’ll receive your visa via email shortly after.
If you’re currently living in the United Arab Emirates, the government will give you a temporary one-month visa. You’ll have to convert your temporary visa to your golden visa within one month.
What if you’re applying from outside the United Arab Emirates?
So you’re applying from outside the uae? That’s fine. You’ll get a six-month visa to enter the country and settle down. If you’re looking to apply for a golden visa, you’ll need to apply online before you come. During the six months of your six-month temporary visa, you’ll need to convert to a golden visa.
The overall process is straightforward regardless of whether you’re in or outside the country when you apply. The government wants to make it easy for skilled people and investors, and that’s exactly what they do!
Final Thoughts
Dubai’s golden visa is an excellent way of becoming a resident of the U.A.E. The visa offers a gateway into one of the world’s most influential countries and incredible life opportunities.
If you’re looking to invest in Dubai’s real estate industry, you’ll have the opportunity to enjoy the golden visa. It will make your life and investing career more straightforward, and you’ll enjoy the option of living in Dubai or Abudhabi with very little stress or restrictions!
